Competing to Be Asia's No. 2 Hong Kong and Rival Singapore Adjust Better Than Others to Asia Economic Crisis

By Todd Crowell, | The Christian Science Monitor, April 22, 1998 | Go to article overview

Competing to Be Asia's No. 2 Hong Kong and Rival Singapore Adjust Better Than Others to Asia Economic Crisis


Todd Crowell,, The Christian Science Monitor


Lily Tan thought the pace of life in Singapore was pretty fast. But that was before she went abroad to work in the finance industry. First she stopped in Tokyo, Asia's undisputed financial hub. But then she moved to a city that claims the title of being No. 2 - Hong Kong.

After nine years living and working in the former British colony, Ms. Tan now says her hometown of Singapore probably has a way to go to supplant Hong Kong as a finance center. She finds the pace of life in Singapore to be, well, more leisurely than in Hong Kong. "Even the subway moves slower," she says.

Hong Kong and Singapore have long been rivals. But the region's economic crisis has ratcheted up the historic competition between these Asian city-states. Both have prospered because of the energies and talents of their hardworking residents, not because of any natural riches. Both are overwhelmingly Chinese. But being former British colonies, they are English-friendly and have attracted an important segment of expatriate professionals. Each has carved out its own special niche in the financial markets. Singapore surpasses Hong Kong in foreign-currency trading, with a daily turnover of about $100 billion. But Hong Kong bests Singapore in the number of investment funds. Says a Hong Kong investment banker, "Singapore is still very much a regional financial center, while Hong Kong is a junior partner to New York, Tokyo, and London ... and if Tokyo doesn't do something about its financial system, Hong Kong may not be a junior partner much longer." The current financial turmoil in Asia has hit both cities, but not nearly as hard as elsewhere in the region. In part, that is because both have a reputation for highly professional, incorruptible banking authorities. Moody's Investor's Services ranks three Singaporean banks as the strongest in Asia. Another reason is that they both have learned hard lessons in the past. Hong Kong's stock exchange ignominiously suspended trading for four days in the wake of the October 1987 stock-market crash. Experts from the Bank of England were brought in to help restore confidence. Singapore was embarrassed when a young securities trader named Nick Leeson managed to bankrupt the venerable British Barings Securities in 1995 by running up nearly a billion dollars worth of debts by trading in derivatives. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Competing to Be Asia's No. 2 Hong Kong and Rival Singapore Adjust Better Than Others to Asia Economic Crisis
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.